6th Annual
CCIM Central Texas Symposium
WHERE: Sheraton Austin Hotel @ the Capitol
WHEN: Tuesday, January 31st, 2012
TIME: 8:00am – 12:00pm
3 hours of MCE ~ Course #03-00-014-23754 ~ Provider #0498

“Downtown Austin Emerging Projects & Developments”

Brought to you by:

The Seaholm District is a former industrial section of southwest downtown Austin that is undergoing a transformation into a vibrant urban neighborhood. At the core of the district is the decommissioned Seaholm Power Plant which will be redeveloped into a landmark residential and retail destination. Planning is taking shape in the district including Austin’s new central library and the unprecedented opportunity for the redevelopment of the Green Water Treatment Plant property. This Web site is is designed to keep the community informed about the public construction in the area. For private projects, please contact the appropriate developer for information. The Seaholm District north-south boundaries are Lady Bird Lake and West Fifth Street and east-west are San Antonio Street and Lamar Boulevard. This boundary may change in the future as the district develops.

District Updates

Oct 12, 2011 Seaholm District Open House Tues, Oct 18 from 5-8 pm at Austin City Hall. Seaholm District Fact Sheet The Open House will serve a public opportunity to view the proposed redesign of the Seaholm District, a former industrial section of southwest downtown Austin that is undergoing a transformation into a vibrant urban neighborhood. Project team members will be on hand to share information and answer questions on related projects including: Austin’s new Central Library Seaholm Power Plant redevelopment Green Water Treatment Plant redevelopment Austin Energy Control Center redevelopment Public Art Bicycle and pedestrian infrastructure improvements Shoal Creek trail extension Shoal Creek peninsula restoration Austin Energy Seaholm transmission line relocation The redeveloped Seaholm District is envisioned as a nationwide model for sustainable urban revitalization. Feb 1, 2011 Austin’s popular Pfluger Pedestrian Bridge opened its extension to the public Friday, February 2, 2011. The northwest arm of the bridge will be an overpass for pedestrians and bicyclists to easily cross over Cesar Chavez Street from above street level. March 15, 2010 Construction on the Pfluger Pedestrian and Bicycle Bridge extension began. Nov. 20, 2008 The grand opening of the Cesar Chavez urban design enhancement and two-way conversion project is scheduled for Tuesday, Nov. 25 at 5:00 p.m. on the new pedestrian esplanade near the Buford Tower. Oct. 21, 2008 The three design team finalists for the new Central Library have been selected and will make presentations to the City Council on October 23. A “Meet and Greet” will follow in the atrium of City Hall at approximately 6:00 p.m. Visit the New Central Library website for more information. Oct. 17, 2008 The Sandra Muraida Way roundabout is complete and northbound flow has reopened. Take a look at the Sandra Muraida Way progress photos! On Oct. 16, City Council voted to authorize the completion of the Lance Armstrong Bikeway section in the Seaholm District. June 18, 2008 Green Water Treatment Plant and Energy Control Center update: Today Austin City Council approved a resolution authorizing the City Manager to: (1) negotiate and execute an exclusive negotiating agreement with Trammell Crow/Constructive Ventures, Inc./USAA; and (2) negotiate an agreement with that developer, for the sale and redevelopment of the Green Water Treatment Plant and Energy Control Center. View the 06/18/08 Council presentation slides (PDF). March 27, 2008 Master Development Agreement Between the City of Austin and Seaholm Development, LLC (PDF, 215 kb). Master Development Agreement – Exhibits (PDF, 328 kb). Seaholm Redevelopment Project Presentation, March 27, 2008 (PDF, 301 kb).

Daily Real Estate News  |  June 21, 2011  |   Share More Lawmakers Fight 20% Down Payment
A proposed 20 percent down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives.

Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same.

“The resultant reduction in demand for housing, due to an overly burdensome government dictate, would only add to the challenges the housing market faces, and could threaten a full-fledged economic recovery from years to come,” the most recent letter reads.

The 20 percent down payment rule arises from an effort of several federal agencies that have been trying to urge more responsible lending and borrowing. The agencies created a proposed risk-retention regulation under the Dodd-Frank Wall Street reform law, which requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is considered a safe mortgage or a “qualified residential mortgage.” (FHA and VA mortgages would be exempt.)

QRMs would be exempt from the 5 percent credit requirement but would have to meet certain guidelines, such as the proposed 20 percent down payment requirement. Borrowers with less than 20 percent down could then be forced to pay higher fees and interest rates.

A 20 percent down payment requirement would cause more first-time buyers to flee from the already fragile housing market, analysts at Capital Economics say.

The National Association of REALTORS® also has been an outspoken critic of the proposal, saying that a 20 percent down payment requirement would jeopardize a housing recovery.

Source: “More Lawmakers Join Major Push to Reduce QRM Down Payment,” HousingWire (June 20, 2011)

Austin Business Journal

Date: Monday, May 9, 2011, 10:50am CDT

Related:

Residential Real Estate, Economic Snapshot

Austin downtown condominium resales increased from $4.4 million last April to $10.2 million the same time this year, while the average price per foot sold was stable month to month, according to multiple listing data reported on The Downtown Austin Blog.

From March to April, the sold price per square foot barely increased to about $333 from $326, the blog said. This is up from about $274 per square foot in April 2010. A total 20 properties were sold last month, up from 15 the same time last year.

Total resales were also up month to month, rising to about $10.2 million in 20 transactions from $5.8 million in 14 deals in March.

Of the new development properties included in the report, the following closed deals in April:

• Four Seasons Residences, six
• Austonian, six
• Spring Condos, seven
• W Austin Hotel and Residences, six

To read the entire blog, click here.

Please plan to participate in the public meetings scheduled in April regarding the City of Austin’s proposed Urban Rail line or submit written comments via the Austin Urban Rail web site or by mail to Urban Rail Project, Austin Transportation Department, P.O. Box 1088, Austin, TX 78767-1088. Comments submitted after the public meeting must be postmarked on or before Friday, April 29, 2011.

 

The public meetings and comments are a first step being taken by the Federal Transit Administration (FTA) and the City of Austin as they prepare an environmental impact statement (EIS) prescribed by federal law and regulations for Austin’s proposed Urban Rail system in Central Austin. 

 

The initial phase of the EIS process, known as the “scoping” phase, will present information and gather input on the proposed Urban Rail system and consider alternate approaches to meeting Austin’s urban and regional transportation needs. The environmental process will examine the entire proposed 16.5-mile transit system which would serve Downtown Austin, the State Capitol Complex, and the University of Texas campus, with extensions southeast to Austin-Bergstrom International Airport (along East Riverside Drive), and northeast to the Mueller redevelopment.

 

The “scoping” process will focus on the purpose and need identified by the City for the Urban Rail project. The City says that Urban Rail is intended to improve mobility, connectivity, and sustainability in the region’s core by:

• Increasing transportation system capacity and choice while preserving the integrity and vitality of existing neighborhood plans and commercial districts;
• Improving access to major activity centers and other regional transit; and
• Promoting economic development and reinvestment in emerging neighborhoods and districts and supporting the city’s goals for the environment and public health and safety.

The following public meetings have been scheduled in April:

 

I. Scoping Meetings (Federal Transit Authority and City of Austin) 
Downtown: Monday, April  4, 2011 from 2 to 5 p.m. at the Austin Convention Center, Meeting Room 3 on the first floor, 500 E. Cesar Chavez Street

Mueller: Wednesday, April 6, 2011 from 5 to 8 p.m. at the Southwest Educational Development Laboratory, in the conference room on the first floor in the Mueller Redevelopment, 4700 Mueller Boulevard

 

II. Additional Open House Meetings (City of Austin)
University of Texas: Thursday, April 7, 2011 from 11 a.m. to 2 p.m. at the AT&T Executive Education and Conference  Center, Classroom 103 on the first floor, 1900 University Avenue

East Austin: Thursday, April 7, 2011 from 5 to 8 p.m. at the George Washington Carver Museum, 1161 Angelina Street
East Riverside Corridor: Saturday, April 9, 2011 from 11 a.m. to 2 p.m. at the Ruiz Branch Library,1600 Grove Boulevard

 

An Alternatives Analysis is currently being conducted by the City of Austin. The Central Austin Transit Study, published in July 2010, evaluated preliminary potential route, technology, and investment alternatives. This study and a conceptual engineering and a pre-NEPA environmental report are posted on the Austin Strategic Mobility Plan web site. For more information about the City of Austin’s Urban Rail proposal, visit RECA’s web page.

DOWNTOWN AUSTIN PLAN PROCEEDING

 

As previously reported, the Downtown Austin Plan (DAP) is nearing completion after nearly four years of work. On Wednesday, November 17, 2010, the proposed final draft of the DAP was presented to the City Council at a special-called “work session” to provide the City Council the opportunity to become more familiar with the Plan and to ask questions about it. You can download the full report and accompanying documents at the City’s web site.

 

Since that presentation, the DAP has gone through a series of briefings for City boards and commissions, culminating in an action item at Planning Commission. The Planning Commission’s Neighborhood Planning Committee will consider the DAP on Wednesday, March 30, 2011 and Wednesday, April 20, 2011 at 6:00 p.m. at City Hall, 301 W. 2nd St., Room 2017.

 

The DAP is tentatively scheduled for the full Planning Commission on Tuesday, April 26, 2011 at 6:00 p.m. at City Hall, 301 W. 2nd St., Council Chambers. Planning Commission action will be followed by a briefing and public hearing tentatively scheuled for Thursday, May 26, 2011 and Thursday, June 9, 2011, respectively.

REAL ESTATE COUNCILS OF TEXAS HOLD LOBBY DAY  

On Tuesday, February 22, 2011, members from the Real Estate Councils of Texas (RECsTX), a statewide coalition formed to advocate on issues that are important to the commercial real estate industry, descended on the Capitol building to visit legislators from each of the cities represented in the coalition. The other real estate councils joining the Real Estate Council of Austin (RECA) in the coalition are: The Real Estate Council in Dallas, the Greater Fort Worth Real Estate Council, the Houston Real Estate Council, Houstonians for Responsible Growth, and the Real Estate Council of San Antonio. The coalition was formed on September 23, 2008.

 

The RECsTX were recognized in the Senate by Senator Kirk Watson (D-Austin – SR 317) and in the House by Representative Dan Branch (R-Dallas – HR 510.) RECA members visited each office in the Central Texas delegation and left materials outlining RECA’s 2011 Legislative Program. 

 

BILL TRACKING

You may go to the “Insider Edition” of RECA’s web site and click on the “Legislative Update” link and then the “Bill Tracking” link to review bills being tracked this session and for other legislative news as it develops. Contact RECA if you have misplaced your user name and password to the Insider Edition.

 

RECA SETS DATE FOR AUSTIN CITY COUNCIL CANDIDATE FORUM

 

Voters will be selecting Austin City Council Places 1, 3, and 4 members when they go to the polls on Saturday, May 14, 2011. The filing deadline for these positions is Monday, March 14, 2011. 

 

Watch future editions of the Hot Sheet for a complete listing of candidates running for these seats. Place 1 is current Council Member Chris Riley’s seat; Place 3 is current Council Member Randi Shade’s seat; and Place 4 is current Council Member Laura Morrison’s seat. All three incumbents are running for re-election.

 

With early voting from Monday, May 2, 2011 through Tuesday, May 10, 2011 in mind, RECA has scheduled a candidate forum for its members on Tuesday, April 26, 2011 at the Four Seasons Hotel. The forum will be co-hosted with other real estate organizations as this year’s Power Lunch. Invitations will be e-mailed soon and registration will be taken online only.

 

VOTER REGISTRATION

Be sure that you can participate in the Austin City Council elections by registering to vote. If you have not already registered, you may visit the Travis County Voter Registration web site. You can also update and verify voter registration information via this website. The registration deadline is Thursday, April 14, 2011.

 

AUSTIN CITY COUNCIL APPROVES MUNICIPAL UTILITY DISTRICTS RESOLUTION

 

Austin City Council members unanimously passed a resolution addressing Municipal Utility Districts (MUD) at their meeting on Thursday, February 17, 2011. A MUD is a special district created with the City’s express consent to meet the needs of a community by funding public improvements, infrastructure, or services. In 1984, the City adopted a resolution setting out the first MUD policy.

 

The resolution approved by Council updates the City’s original MUD policy by requiring MUDs to confer an extraordinary benefit to the properties within the MUD and the community in general for approval. In considering whether a MUD provides extraordinary public benefits, Council will consider the following:

• Land use controls (including land plans) that otherwise would not be available in the City’s ETJ;
• Amenities that would not typically accompany a development with conventional financing;
• Connectivity with other existing City infrastructure;
• The potential for City capital improvement program funds to be redirected to other high priority needs by financing capital infrastructure with alternative MUD financing and by the application of post-annexation surcharges;
• School and public safety sites, and transportation infrastructure, sufficient to meet development needs; and
• A MUD organizational structure, and policies and procedures, that promote timely dissolution of the MUD and which fully meets the basic requirements for the City for creation of a MUD.

The resolution also outlines the following general criteria for the City to consider in the creation of a MUD:

• The MUD must demonstrate that the City would benefit more from creation of a MUD than from use of the standard City development process or other types of districts.
• The City’s objective in creating the MUD should be to promote superior development, with attention to the Comprehensive Plan.
• The City’s basic requirements for creation of a MUD should be that: All developments supported by a MUD must comply with the City’s Planned Unit Development (PUD) Green Building Program, regardless of whether the development receives PUD zoning;
• The development supported by the MUD provides extraordinary public benefits (such as extension or enhancement of infrastructure, affordable housing, environmental improvement, public transportation facilities, and open space); it is in the City’s preferred growth area (currently designated as the ”Desired Development Zone”); and it is accompanied by consent and other applicable agreements;
• The development that it supports meets or exceeds the intent of the development standards of the City Code; it is financially self-sustaining and its ad valorem tax rate will approximate or be greater than the City’s rate; and it will use City design criteria for water, wastewater, drainage, and public safety infrastructure;
• It will be created only if City water, wastewater, and reclaimed water retail service is provided;
• It will require the developer(s) to contribute a portion of infrastructure without reimbursement by the MUD or the City;
• It will not impair the City’s future annexation of the MUD or adjacent property, or impose costs not mutually agreed upon; and
• It must be located entirely within the City’s extraterritorial jurisdiction.

For more information on the new MUD policy, visit the City’s web site.

 

AUSTIN CITY COUNCIL ADJUSTS WALLER CREEK FUNDING

 

On Thursday, February 17, 2011, Austin City Council members approved an amendment to the Waller Creek Tax Increment (TIF) Reinvestment Zone that is being used to finance the Waller Creek Tunnel Project. 

 

On June 21, 2007, the Austin City Council approved an ordinance creating the TIF to finance the construction of flood control improvements, including a tunnel, along lower Waller Creek. The purpose of the project is to provide 100-year storm event flood protection with no out-of-bank or roadway flooding for the lower Waller Creek watershed. The reduction in floodplain area resulting from the project will significantly increase the amount of developable land area in the lower Waller Creek watershed. The project is slated for completion in 2014.

 

Among the items to be updated with the TIF amendment are as follows:

• Current project design (identifying changes from the preliminary plans during the final design process);
• Waller Creek Master Plan recommendations (and other proposed changes to the City’s Comprehensive Plan, zoning ordinances, and building codes);
• Updated project cost estimates; and
• The most recent estimates of underlying funding sources that are anticipated to pay for the construction, operation, and maintenance of the tunnel.

The TIF amendment also includes a new funding source through an increased drainage fee on Austinites’ monthly utility bills, starting in 2015. Per the TIF amendment, the typical resident will pay about 40 cents a month more. This new fee will generate about $55 million during a period of 13 years help to finance the Waller Creek Tunnel Project.

 

For more information on the project, visit RECA’s web page.

 

KLRU CIVIC SUMMIT WITH MAYOR LEFFINGWELL

 

On Monday, February 28, 2011, Austin Mayor Lee Leffingwell will team up with Austin PBS affiliate KLRU to present the next in an ongoing series of community discussion forums. 
This event called “Planning The Future” will focus on critical issues surrounding Austin’s ongoing transition into a major American city and will feature a panel discussion among former mayors of Texas’ largest cities. Confirmed panelists include former San Antonio Mayor Henry Cisneros; former Houston Mayor Bill White; former Dallas Mayor Laura Miller; and former Austin Mayor and current State Senator Kirk Watson.

The event will be held in KLRU Studio 6A (the old Austin City Limits studio) and will be taped for subsequent broadcast on KLRU and Austin’s Channel 6. Studio 6A is located on the sixth floor of the Communications Building on the University of Texas campus. The discussion will be moderated by Jim Walker, Director of Sustainability at the University of Texas.

Seating is limited. RSVPs are required. Doors open at 5:30 p.m., and the event starts at 6:30 p.m. For more information, please contact Mark Nathan at 512-974-3368.

 

PLAN TO PARTICIPATE IN THE EAST RIVERSIDE CORRIDOR MASTER PLAN

 

The City of Austin needs your help to bring the East Riverside Corridor Master Plan vision to life. This plan envisions the future of the East Riverside Corridor from I-35 to US Highway 71 as a diverse, walkable, transit-oriented, and vibrant area with a variety of housing options.

 

The City is creating zoning and design regulations that will become new rules to guide public and private development projects in the East Riverside Corridor. Please participate in the following meeting to help shape the elements of these new regulations:

 

East Riverside Corridor Master Plan Public Workshop

Thursday, March 10, 2011 from 6:00 to 8:30 p.m.

Parker Lane United Methodist Church, 2105 Parker Lane

 

If you can attend, please RSVP to Alan Holt with the City of Austin. More information on the East Riverside Corridor Master Plan is available on the City’s web site.

 

TRAVIS COUNTY CITIZENS BOND COMMITTEE APPROVED

 

The Travis County Commissioners are considering calling a bond election in November 2011. Toward that end, they have elected to form a 15-member Citizens Bond Advisory Committee consisting of three appointments from each Court member. They approved the following Citizens Bond Advisory Committee at their Tuesday, February 22, 2011 meeting.

  

County Judge Sam Biscoe’s appointees:

Celia Israel

Terry Irion

Nell Penridge

  

Commissioner Ron Davis’ appointees:

Joyce Thoresen

John Williams

Thomas Fritzinger

  

Commissioner Sarah Eckhardt’s appointees:

Nicole Francois

Jeffrey Travillion

Larry Ingram

  

Commissioner Karen Huber’s appointees:

Mark Taylor Evert

Leigh Naftolin

Carolyn Vogel

  

Commissioner Margaret Gomez’s appointees:

Frank Fuentes

Joe Gieselman

Rosa Rios Valdez

 

The Citizens Bond Advisory Committee will elect its own chair and develop its own operating procedures within the guidance of this charter. The committee’s primary function will be to advise the Travis County Commissioners Court on the appropriateness of a bond referendum, the overall scope of a potential bond package, and a prioritized list of projects. That list will include improvements to county roads and bridges, parks, open space, storm water drainage, and pedestrian and bicycle facilities. The list of projects will also prioritize new facilities projects including a new civil courthouse, a medical examiners facility, new county office space, and parking. 

 

The Citizens Bond Advisory Committee will provide a forum for public input on the potential bond referendum and all meetings are open to the public.

 

For more information about the bond package, visit RECA’s web page. 

 

TEXAS TRANSPORTATION COMMISSION LOWERS TOLLS FOR MULTI-AXLE TRUCKS ON STATE HIGHWAY 130 AND STATE HIGHWAY 45 SOUTHEAST

 

The Texas Transportation Commission approved new toll rates for trucks on State Highway 130 and State Highway 45 Southeast at its Thursday, February 24, 2011 meeting in Austin. The Commission approved a recommendation to lower toll rates for trucks with five or six axles by 25 percent (dropping from $28 to $21). The toll rates for two, three, and four-axle trucks will remain the same. 

 

The reduced toll rates for trucks on these two highways are designed to incentivize truckers to use an alternative route to I-35 through downtown Austin.

 

State Highway 130 is a four-lane tolled highway that extends 49 miles from I-35 north of Georgetown to US Highway 183 south of the Austin-Bergstrom Airport. State Highway 45 is a 7.4-mile toll road that runs from I-35 to State Highway 130 in Travis County.

 

The new toll rates will go into effect on Tuesday, March 1, 2011.

 

SEEKING GARDNER-BETTS ART SHOW SPONSORS

 

The Gardner-Betts Committee is currently seeking sponsors for the Gardner-Betts Art Show and Silent Auction to be held on Wednesday, May 18, 2011 from 5:00 to 7:00 p.m. in the lobby of the San Jacinto Center, 98 San Jacinto Blvd. (Bidding closes at 6:30 p.m.)

 

RECA continues its partnership with the Gardner-Betts Juvenile Justice Center to fund Project Bridge, a year-long art and music enrichment program for high-risk, probationary youth who have violated the law. Project Bridge is a component of the Travis County Juvenile Probation Department’s Leadership Academy, a sentencing alternative to the Texas Youth Commission. This program allows students ages 14 to 17 a chance to express themselves in more positive ways through art and music.

 

Project Bridge is 100 percent supported by the funds RECA raises through sponsorships and art sales at the Art Show and Silent Auction. This year, RECA’s goal is to raise a total of $40,000 to cover the cost of the program.

 

Click here for a sponsorship form with levels from $150 to $2,500 and details on the benefits of each sponsorship level.

 

If you have any questions about the event or are interested in a sponsorship, please contact Susan Hewlitt at 512-320-4151.

 

WELCOME NEW MEMBERS! Quality Membership Keeps RECA Strong and Effective

 

Denise Bodman – Realty Austin

W. Derek Darby – Hay Compere PLLC

Maggie Falvey – Realty Austin
Lori Goto – Realty Austin
Courtney Graeber – Realty Austin
Charla Housson – Realty Austin
Michelle Keahey – Realty Austin
Elle Klein – Realty Austin
Susanne Lee – Realty Austin
Chris Long – Realty Austin
Hillary Sotello – Hall Attorneys

Tracy Wallingford – Realty Austin

 

COMMITTEE NEWS

 

Monday, March 7, 2011, Regional Issues Committee Meeting at noon, RECA Office, Suite 510, San Jacinto Center, 98 San Jacinto Blvd. RSVP by replying to your meeting notice.

Tuesday, March 8, 2011, Gardner-Betts Art Show and Silent Auction Committee Meeting at noon, at the Gardner-Betts Juvenile Justice Center, 2515 South Congress Ave. Bring your lunch (drinks will be provided). RSVP by replying to your meeting notice.

Wednesday, March 9, 2011, City of Austin Policy Issues Committee Meeting at noon, RECA Office, Suite 510, San Jacinto Center, 98 San Jacinto Blvd. RSVP by replying to your meeting notice.

Monday, March 28, 2011, Membership Committee Meeting at noon, RECA Office, Suite 510, San Jacinto Center, 98 San Jacinto Blvd. RSVP by replying to your meeting notice.

Monday, March 28, 2011, Transportation Committee Meeting at 5:00 p.m., RECA Office, Suite 510, San Jacinto Center, 98 San Jacinto Blvd. RSVP by replying to your meeting notice.

 

CALENDAR OF UPCOMING EVENTS

 

Thursday, March 10, 2011, RECA Membership Lunch featuring Travis County Judge Sam Biscoe registration begins at 11:15 a.m. and lunch begins at noon at the Four Seasons Hotel, 98 San Jacinto Blvd. RSVP by noon on Friday, March 4, 2011. COST: RECA members-$35. Future Members-$45. Cash or check only; payable before or at the event. Sponsored by:  SpawMaxwell Co.

 

RECA OFFICE CLOSED - Friday, April 22, 2011, the RECA office will be closed for Good Friday.

 

Tuesday, April 26, 2010, Power Lunch featuring a Austin City Council Candidate Forum  Places 1, 3, and 4 moderated by K-EYE’s Judy Maggio and co-hosted with the Austin Chamber of Commerce, Austin Apartment Association, Austin Commercial Real Estate Society, Building Owners and Managers Association, Central Texas Commercial Association of Realtors, Certified Commercial Investment Members, Commercial Leasing Brokers Association, Commercial Real Estate Women Network, Institute of Real Estate Management, and Urban Land Institute registration begins at 11:15 a.m., lunch begins at noon, at the Four Seasons Hotel, 98 San Jacinto Blvd. More details to be provided later. Registration will be done online; RECA will not be taking reservations for this event. Registration Deadline: noon Thursday, April 21, 2011. Sponsored by: tba.

 

Wednesday, May 18, 2011, Gardner Betts Art Auction 5:00-7:00 p.m. in the lobby of San Jacinto Office Tower, 98 San Jacinto Blvd. Bidding closes at 6:30 p.m., plan to attend and shop for art!

 

Thursday, June 30, 2011, RECA Membership Lunch featuring Seton’s Greg Hartman re: Potential Medical School registration begins at 11:15 a.m. and lunch begins at noon at the Four Seasons Hotel, 98 San Jacinto Blvd. RSVP by noon, Friday, June 24, 2011. COST: RECA members-$35. Future Members-$45. Cash or check only; payable before or at the event. Sponsored by: tba

 

Thursday-Friday, October 6-14, 2011, Chamber Trip to China. Click here for information and a registration form. Cost: $1,999 plus round trip air fare to and from LAX.

 

Please consider transit for your trips downtown. For public transit options for travel to RECA committee meetings and upcoming events, go to Cap Metro’s trip planner. 

 

By Lisa Carter and Shonda Novak

AMERICAN-STATESMAN STAFF

Published: 9:21 p.m. Friday, Feb. 18, 2011

An abandoned condominium project on Enfield Road will no longer be a neighborhood blight , thanks to its acquisition by heirs of former Austin Mayor Roy Butler.

Formerly known as the Pleiades condos, the unfinished steel-and-concrete shell at 1603 Enfield Road was purchased in December by 1603 Enfield Ltd., a private investment group led by the Butler Family Interests. The price wasn’t disclosed.

First State Bank foreclosed on the project in 2008. The buyers include Roy and Ann Butler’s three children, Eddie Butler, Roy Butler Jr. and Beth Granger.

Construction had halted in 2007 because of legal, financial and weather-related problems. In the years since then, the building has been tagged with graffiti and vandalized.

Now, the project — a new name hasn’t been settled on yet — is getting a fresh start.

Eddie Butler hired Fortis Realty Services, an Austin-based development and investment company, to lead the redevelopment of the $6 million project.

When completed in the early fall, the project will have 25 condominiums priced from the mid-$100,000s to the high $300,000s, Fortis President Rance Clouse said. He expects to start marketing the units in the spring.

Clouse said the structure “had really become a blight on the community and the immediate neighborhood.” The Butler family’s goal is to transform it “into a property that the community can be proud of.”

“While this is a real estate development, for those of us involved, it’s an opportunity to really make a positive impact on the neighborhood by addressing a problem and contributing more than just bricks and mortar,” Clouse said.

Ann Butler, who lives near the development, said that she suggested her children take on the blighted project along a prominent thoroughfare and said that neighbors are “thrilled” it will be going away.

“I’m the one in the family who lives closest to it, and it kept getting worse looking and worse looking because of the weather, and with vandals going in there and trashing the place and sleeping in it,” she said. “Everybody in the neighborhood has complained about it forever.”

Fortis will work within the existing city permits and approvals for the project, which originally held plans for 30 units.

After the Butler family’s acquisition, work immediately began to clean up the property, starting with the removal of debris and standing water that had created a large mosquito pond in the driveway area, Clouse said.

The architect is Kit Johnson of Architecture 365, which also designed the Este and Twenty-One24 condo projects in East Austin.

“We’re correcting the design flaws and the construction defects and moving forward with the proper completion of the project,” Clouse said.

“Along the way, we’re making aesthetic changes,” he said, to make the project more compatible with surrounding neighborhoods, which include the Old West Austin and Old Enfield neighborhoods.

One example: the previous developer used corrugated metal on the exterior siding; the new design calls for stucco and stone.

Clouse will make renderings available once the design and layout of the new units are completed by early spring. The interior specifications will come later.

“It’s like doing the renovation of a classic car. We’re focused on the engine and haven’t gotten to the leather or the dashboard yet,” said Clouse, a real estate veteran who was a development partner in 904 West, a sustainable mixed-use condominium project in downtown Austin.

At the Enfield site, crews are working on paving the parking areas and framing the building.

“We felt it was long overdue that someone address the completion on this project,” Clouse said.

lcarter@statesman.com; 445-3766; snovak@statesman.com; 445-3856